Can I Qualify for a Texas Reverse Mortgage?

Qualifying for a Reverse Mortgage is extremely easy.  There are no income or credit requirements.  You can even qualify if you have had a bankruptcy, are in bankruptcy or headed into foreclosure. 

In order to qualify, all homeowners must be over the age of 62. The amount of equity you can receive in your Reverse Mortgage is dependent upon your age.  The older you are, the more dollars you can access.  If you are married or co-own a house, the amount of your funds is determined based on the age of the youngest spouse or co-borrower.  The younger borrower MAY be removed from title, but this could create a situation in which when the older borrower dies, the younger borrower would have to figure out how to repay the loan (by selling the house, or perhaps getting their own Reverse Mortgage if they have become 62 or over.) 

We also recommend that you have paid off at least 40% of your mortgage if you do not own your home outright. The first draw of the Reverse Mortgage can be used to pay off any mortgage, home equity loan or other lien on the home. 

Finally, you should be planning to stay in your home for at least several years.  This doesn’t mean you shouldn’t pursue a Reverse Mortgage if you are in dire need, it just means that the longer you keep the Reverse Mortgage, the less the upfront costs of the Reverse Mortgage will be when spread out over several years.

 If you would like to find out how much you qualify for on the Texas Reverse Mortgage program, please click here to be taken to the obtain an estimate page.